Great Lakes Protection Fund, Chicago, has been rebalancing its $137 million endowment fund to return to its policy targets, said Larry LaBoda, CFO. It pared its equity allocation to 75%, from 81%, by reducing a U.S. large-cap value portfolio, the manager of which Mr. LaBoda declined to name. Those assets are being transferred to fixed income to bring up the asset class to the funds policy target of 20%, from the current 15%. The remaining 5% of the fund is in cash.
Genesco Inc., Nashville, Tenn., hired Jennison & Associates to run $15 million in large-cap growth equities. The $98 million defined benefit plan made the shift as a result of a recently completed asset allocation study. Funding will come from rebalancing the plans large-cap core and large-cap value equity portfolios. Also as a result of the study, Genesco will give an additional $5 million to PIMCO, which then will manage $24 million in fixed-income for the plan. Funding will come from rebalancing the small-cap growth and international equity portfolios. LCG assisted.